7.21 Pancake Morning Analysis

Layout idea: Between 1910-1920, set a plan; stop-and-win zone: 1870, 1840; stop-sell defense: 1940
The Federal Reserve has entered a blackout period before its rate decision, and the market’s long-term expectation of high interest rates continues to suppress crypto risk assets. For Ethereum, there is a lack of incremental capital, making it difficult to break out of a sustained uptrend. Today there is no major data or news catalyst; price action is driven entirely by technicals.
1917 is already the high point of this round’s rebound. After pushing up, it closed with a long upper wick, and the bullish advance momentum has greatly weakened. In the short term, moving averages are gradually flattening and turning, continuing to suppress the rebound’s height. Below, 1841 is a key support level from the earlier period; once the shorts start selling in volume, further downside breakdown is expected.